Is it hard for you to cut household expenses? Do you stay worried about how to save money? No need to worry more. This article will provide you with the easy and best ways to reduce expenses. As we all know expenses are increasing day by day.
For many people, it is very difficult to survive within a limited salary and budget. The greatest challenge is to determine, how to utilize your personal finance on the right things, so it would be helpful in saving money.
Financial management is not only important for businesses but it is equally significant for household expenses. Little financial management on daily basis could lead to bigger results on monthly savings. For that purpose, you are in right place to take some superb ideas about how to drastically cut your household expenses.
10 Highly Effective Approaches
Buy in bulk
Buying in bulk means is to purchase a large quantity of one product at one point which reduces its unit price. Everyone looks for the best product quality at a minimum price. Buying in bulk is the best way to cut household expenses.
When 1 product is purchased it would cost high, but when things are purchased in bulk, it cost much less than usual. Many people prefer to buy in bulk whenever they go shopping e.g. tissue rolls, diapers, batteries, soaps, pasta, detergents, rice, sugar, coffee, clothes, etc.
A huge number of grocery stores offer discounted prices when a person buys a product in bulk -form. Stores like Wal-Mart, Trader Jae’s, 7-Eleven, Kroger, Whole Food Market are a few of its examples.
The second way is to get offers from online stores. For example, Amazon, eBay, Alibaba are some of the popular online selling stores it also gives discounts to its customers when they order products in bulk.
Turning off unnecessary light, buying efficient appliances which consume less energy, using natural light are very significant methods in minimizing electricity costs.
Installing LED bulbs saves a huge percentage of electricity. Replacing an incandescent bulb with LED bulbs can save energy up to 80% of energy.
According to research, an LED bulb can save about $3 to $5 per year. When there are more than 30-40 bulbs installed in a home it can save you around $100 on yearly basis. Using less electricity will eventually reduce monthly electricity bills and it would help in saving for household expenses.
Spend Less on Hoteling
Food is considered to be one of the largest household expenses. All around the world people invest 20% to 40% expenses on only food. Restaurants and cafes take much higher prices on the food they serve and they also apply government tax on billing.
Reducing the number of hangouts, lunches, and dinners outside can increase savings. If an individual’s dining-out percentage is decreased from every weekend to once or twice a month, it could make a huge difference.
Avail Discount Offers
Availing discount is very self-satisfying for every single individual. There are many kinds of discount offers all around the world. There are Christmas sales, Easter sales, Black Friday sales, summer sales, winter sales, Eid sales, Independence Day sales, clearance sales,s and many more to attract customers. However, it’s marketers trick to boost sales but still helpful.
Utilizing these discounts on clothes, shoes, groceries, electronics, and gadgets is the best way to manage personal finances. Sales/discount offers can vary from brand to brand but on average some offer only 10% discount and some may offer up to 70%.
Purchasing stuff in a buy one gets one free deal is also a perfect saving method. Comparing product prices before buying a product could also help in buying the best quality at a low price. The more people can avail highest sale offers the more it is beneficial for them.
Grow Fruits and Vegetables at home
Growing fruits and vegetables in the home garden is an amazing idea of saving money. Fruits like oranges, mangoes, banana guava, pomegranate, etc., and vegetables like potatoes, peas, cabbage, spring onions, tomatoes, and lemon can be grown at home easily which saves a lot of money in comparison to buying them from grocery stores on market rates. Home gardening is not only best for health, but it is also best for one’s pocket.
Use free Apps for calling/texting
Communicating with people is part of the daily routine. Telecommunication brands have expensive rates not only within the country but also has double triple rates when someone calls across the border. Nowadays every single person uses the mobile phone to contact their relatives, friend, and colleagues.
Using free calling, texting applications like Whatsapp, Skype, Facebook messenger, ToTalk, Botim, etc. are considered to be the easiest and finest way to save money. On a weekly, monthly, and years basis these social interaction application saves $1,000 of customers globally.
Recycle old Stuff
Recycling is a method of making new things out of old. There is no doubt that recycling saves money. In every home there are old & used things which could be recycled into something better.
For example, recycling ice-cream containers can be converted into food storing containers. Plastic bottles could be converted into decoration pieces or stationery holders and tin cans could be used as a jewelry box, old wood pieces could be used in making shoe racks and there are many more things that could be possible.
Sell used Stuff
Selling things that are no longer required is one of the outstanding ways to make money for household expenses. The idea is to earn profit by selling that used stuff on online applications. For example, reselling an old computer, sofa set, the table would be helpful in earning money from already used things.
For this purpose letgo, Facebook buy & sell groups, offerUp, eBay, varageSale are some of the best online selling applications. Earned money from sold stuff could be used in purchasing other necessary things.
Use Public Transport
Moving from one place to another using public transport is less costly than using a personal car on daily basis. Public transport offers cheaper traveling rates to the public while on the other hand daily spending on petrol is very much costly. Pick and drop cab applications like Uber, Lyft, Grab, etc. should be widely used as they offer discounts on daily traveling to its customer.
Reduce Insurance Cost
Insurance is a very important thing, whether it is for health, car, or life insurance. Taking insurance that suits a person’s budget is a significant way to save money. Always try your best to find those options which are efficient in reducing insurance premiums.
In a nutshell, household expenses would be easily maintained, if every individual tries his/her best to cut expenses on a personal level. Cutting only 1$ from household expenses on daily basis would save up to 30$ monthly and around 360$ per year. Implementing different money-saving ideas could make big difference in one’s life.
Filza Taj has completed her MPhil in Human Resource from Kinnaird College. She loves sharing her knowledge and subject expertise with others. Crafting words that bring the most value to the readers stay her utmost priority. she loves writing about different niche.